MANILA, Philippines - The Philippines through the Philippine Investment Promotions Plan Steering Committee (PIPP-SC) has signed an agreement with the China-ASEAN Business Council (CABC) to explore ways to enhance investment promotion cooperation between the two countries.
PIPP-SC chairman Arnel Paciano D. Casanova, who is also the president and chief executive officer of the Bases Conversion and Development Authority (BCDA), said in a statement yesterday that under the Memorandum of Understanding (MOU) signed by the PIPP-SC and the CABC during the 10th China-ASEAN Expo held in Nanning earlier this month, the parties agreed to undertake steps to create a transparent, liberal and facilitative investment regime and to deepen bilateral economic development with each other.
“The signing of the MOU is based on the principle of equality, mutual benefit and win-win cooperation for both countries,†he said.
To promote mutual investments, he said, both parties have agreed to facilitate exchanges among investment promotion agencies (IPAs) and CABC-member industry associations.
“Inbound and outbound missions among the PIPP-SC and CABC will also be promoted to further strengthen appreciation of actual business and industry conditions to enable speedy facilitation of potential investment agreements,†he said.
The MOU is likewise expected to help encourage participation of higher education institutions as well as those engaged in research and development in investment facilitation events.
“We shall achieve this by facilitating the participation of institutions of higher education, research and development institutions, and science and technology companies in the form of technical working groups in investment facilitation events, forums and exhibitions and conduct joint research and development efforts,†Casanova said.
He added that both the PIPP-SC and the CABC would work on the elimination of obstacles which may affect the deepening of bilateral investment cooperation by identifying the barriers and coming up with ways on how to manage these.
The PIPP-SC is composed of heads of IPAs tasked to formulate and implement common country branding and synchronized strategies to make the Philippines the investment destination of choice. It is composed of 18 member organizations such as Authority of the Freeport Area of Bataan, Aurora Pacific Economic Zone Authority, BCDA, Bataan Technology Park Inc., Board of Investments (BOI), Clark Development Corp., Cagayan Economic Zone Authority, John Hay Management Corp., Mindanao Development Authority, Philippine Economic Zone Authority, Philippine Retirement Authority, Phividec Industrial Authority, Poro Point Management Corp., Regional BOI - Autonomous Region for Muslim Mindanao, Subic Bay Metropolitan Authority, Tourism Infrastructure Enterprise Zone Authority, Tourism Promotions Board Philippines, and Zamboanga City Special Economic Zone Authority.
The CABC is one of the five main mechanisms for cooperation and dialogue between China and the ASEAN. It consists of the China Council for the Promotion of International Trade, ASEAN Chambers of Commerce and Industry, the national business leaders, as well as enterprises from ASEAN.
Earlier, Trade Secretary Gregory Domingo said the government wants to attract more Chinese investments here in line with enhancing the economic ties of the Philippines and China.
He noted that historically, there has been an under-representation in Chinese investments here.
The Department of Trade and Industry has cited earlier that investments of the Philippines to China reached $130 million last year.
China’s investments to the Philippines however, is at a smaller $65.4 million in the same year.